Manchester City have responded to a report regarding the UEFA investigation into their financial dealings, which suggested the club could face a ban from competing in the Champions League.

City have been under investigation for alleged breaches of Financial Fair Play, while a bombshell report from the New York Times (NYT) on Monday claimed that UEFA will seek a one-year ban from European competitions for the Citizens over allegations that the club had misled them with regards to sponsorship revenue, linking back to the club's owners in Abu Dhabi.

Following the report which suggested that a ​verdict had already been reached and that ​City would face a ban from European competition, the club have released a statement which raised concern over the details of the NYT's piece.

"​Manchester City FC is fully cooperating in good faith with the CFCB IC's [UEFA's Club Financial Control Body Investigatory Chamber] ongoing investigation," the statement on the club's ​official website reads.

"In doing so the club is reliant on both the CFCB IC's independence and commitment to due process; and on UEFA's commitment of the 7th of March that it ….will make no further comment on the matter while the investigation is ongoing"

Josep Guardiola

"The New York Times report citing 'people familiar with the case' is therefore extremely concerning.

"The implications are that either Manchester City's good faith in the CFCB IC is misplaced or the CFCB IC process is being misrepresented by individuals intent on damaging the club's reputation and its commercial interests. Or both.

"Manchester City's published accounts are full and complete and a matter of legal and regulatory record.

Vincent Kompany,David Silva,Leyroy Sane,Ederson,Kyle Walker

"The accusation of financial irregularities are entirely false, and comprehensive proof of this fact has been provided to the CFCB IC."

UEFA themselves have been silent on the matter thus far, though they have confirmed that an ​investigation is currently ongoing.